New York, March 8 – QTS Realty Trust, Inc. priced $100 million of 7.125% series A cumulative redeemable perpetual preferred stock after the market close on Thursday, according to a news release.
Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are joint bookrunners for the $25 par offering, which has an over-allotment option for $15 million.
The preferreds will be callable at par starting in 2023, according to the preliminary prospectus, and the company will seek a listing on the New York Stock Exchange under the ticker “QTSPrA.”
Proceeds will be used to repay some of the borrowings outstanding under the company’s revolving credit facility and for general corporate purposes.
QTS Realty is an Overland Park, Kan. data center operator.
| Issuer: | QTS Realty Trust, Inc.
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| Issue: | Series A cumulative redeemable perpetual preferred stock offering
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| Amount: | $100 million, or 4 million shares
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| Greenshoe: | $15 million, or 600,000 shares
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| Maturity: | Perpetual
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| Dividend: | 7.125%
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| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
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| Pricing date: | March 8
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| Settlement date: | March 15
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| Distribution: | Off shelf
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